Oddo BHF has reiterated its 'outperform' rating and 72 euro price target on Exel Industries, hailing an 'excellent performance' with the publication of annual results above both its own and consensus expectations.

'The turnaround in results is mainly attributable to higher volumes in agricultural and industrial spraying, and higher selling prices offsetting higher production costs and overheads', it explains.

Valuation remains extremely modest, reflecting a 43% discount to historical ratios and a 35% discount to comparables (for a historical discount of around 30%)", adds the analyst, who also points to a dividend increase of almost 50%.

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